USA Senate Free Advance of the Bill to Regulate Stablecoin

Despite the support he saw in his early phases, the proposal failed to reach the necessary threshold before the Senate American, which constitutes an important setback despite the bipartisan support he had in previous phases.

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• The bill on Stablecoins was arrested after an adjusted vote 48-49.
• Democratic senators expressed concern about possible conflicts of interest linked to Donald Trump.
• Republican leaders insist that the debate must continue to ensure the competitiveness of the United States. In crypto.

The hope of establishing a clear regulation for the stablecoins in the US. Senate He failed to move towards the formal debate of the bill. Despite having been previously approved by the Banking Committee With bipartisan support, the initiative was blocked after a closed vote of “48 in favor vs 49 against.”

This was announced several reports published today, which indicate that the bill, which seeks to establish a regulatory framework for Stablecoins issuing as USDC USDC and USDT of Tetherhe was arrested after the resistance seen in the Democrat Wing in the Senate, which derived that the proposal did not reach the threshold of the 60 votes necessary to open the debate.

Unexpected resistance in the Senate

The bill had been promoted by Senator Bill Hagerty, and represented one of the two main legislative efforts to regulate digital assets this year. However, two Republicans, Josh Hawley and Rand Paul, opposed their progress, joining a growing Democratic dissent.

Even the leader of the majority in the Senate, John Thune changed his vote at the last minute as a procedural maneuver to be able to reintroduce the project in the future.

Democratic senators who initially supported the project expressed new reservations, pointing to the need to strengthen protections against illicit uses. Several of them referred to the alleged financial links of former president Donald Trump with the crypto industry, pointing out possible conflicts of interest that, in his opinion, had not been properly considered.

One of the most notorious cases was that of Democratic Senator Rubén Gallego, who had received USD $ 10 million in support from political action committees linked to the crypto industry during the 2024 campaign. In statements prior to the vote, the legislator expressed his desire to achieve solid and bipartisan legislation, but emphasized that he should not hurry.

“The reason for our caution is that this legislation, because of its importance, cannot be treated with a hurry. We need time”Said Gallego. He also proposed to delay the vote until Monday to give space to educate undecided senators.

For his part, Senator Mark Warner, a Democrat for Virginia, supported the idea of ​​continuing the debate soon, stressing that the stablecoins “They are undoubtedly part of the financial future”but added that the legislative text still required adjustments to improve US consumer protections.

Republicans insist on advancing

From the other side of the political spectrum, key figures such as Senator Cynthia Lummis, leader of the subcommittee on cryptocurrencies, defended the legislative process, claiming that the text had incorporated multiple amendments of Democratic senators.

Lummis stressed the urgency of establishing a clear frame: “We must take the reins and ensure that all Americans can have control over their financial future.”

John Thune reiterated that it was a bipartisan project since its inception, and criticized its Democratic colleagues for not even allowing the beginning of the debate. “I just don’t understand it,” declared. “We will bring this legislation again when the Democrats are ready to take this seriously. Clearly, today they are not.”

Hagerty went further, stating that preventing debate was equivalent to “Killing the crypto industry in the United States.”

An uncertain future for the regulation of stablcoins

The vote result represents a setback for the crypto industry, which has invested considerable efforts in the US to obtain favorable legislation. It also questions the progress of the other great legislative project on digital assets pending in the Senate.

Although a new attempt has been ruled out in the coming weeks, pause shows the deep political divisions that still persist with respect to the role of cryptocurrencies in the US economy.

What is at stake is not only the regulation of Stablecoins issuers, but the United States leadership in the financial development of the future.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of UNSPLASH.

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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